The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Playstudios, Inc. (MYPS)

The Law Offices of Frank R. Cruz reminds investors of the upcoming June 7, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who: (1) purchased Playstudios, Inc. (“Playstudios” or the “Company”) (NASDAQ: MYPS) securities between June 22, 2021 and March 1, 2022, inclusive (the “Class Period”).; (2) held common stock of Acies Acquisition Corp. (“Acies”) as of May 25, 2021, and were eligible to vote at Acies’ June 16, 2021 special meeting; or (3) purchased Playstudios common stock pursuant and/or traceable to the Acies’ Registration Statement and Proxy Statement issued in connection with the June 2021 merger.

If you are a shareholder who suffered a loss, click here to participate.

In June 2021, Playstudios became a public entity via merger with Acies, a special purpose acquisition company. On August 11, 2021, Playstudios released its second quarter financial results and revealed that its anticipated new game, Kingdom Boss, was being delayed until later in the year and that investors should expect decreased revenue and profits during the year as a result.

On this news, Playstudios’ stock fell $0.66, or 13%, to close at $5.09 per share on August 12, 2021, thereby injuring investors.

Then, on February 24, 2022, Playstudios released its annual report, summarizing disappointing financial results for the fourth quarter and full year 2021.

On this news, Playstudios’ stock fell $0.24, or 5%, to close at $4.86 per share on February 25, 2022, thereby injuring investors further.

Then, on February 26, 2022, Playstudios announced that Kingdom Boss was indefinitely suspended.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that it was having significant problems with Kingdom Boss, would not be releasing Kingdom Boss as expected, and had not revised its financial projections to account for the issues with Kingdom Boss, and as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Playstudios securities during the Class Period, you may move the Court no later than June 7, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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